Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 40.6bn, rose 27.5bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.54x
- P/B
- 0.63x
- EPS
- 1,633
- BVPS
- 14,289
- ROE
- 12.1%
- ROA
- 7.6%
- Market price
- 9,050 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PJT has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 267.8 | 187.8 | 174.9 | 190.8 | 183.6 | 166.5 | 170.9 | 175.2 |
| LNST | 23.4 | 7.1 | 1.9 | 8.2 | 8.4 | 3.6 | -4.6 | 5.8 |
| Net margin | 8.74% | 3.76% | 1.10% | 4.32% | 4.55% | 2.18% | -2.71% | 3.29% |
Revenue
268bnNet income
23bnNet margin
8.74%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 18.0% year on year — not from a single spike: quarterly growth stepped up from +9% to +46%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 821bn +18.0%
- Latest quarter YoY
- +46% accelerating
What is driving the margin?
▲▲Net margin expanded to 4.95%, rising 3.1pp. The main driver is Gross margin rose 1.6pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.6pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 4.95% +3.1pp
- Gross Margin
- 11.22% +1.6pp
- SG&A / Revenue
- 5.21% −0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 89.6bn against investing cash flow of -147.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +58.3bn. Financing cash flow was positive +34.8bn.
CFO / net income was 2,05 lần.
After spending +238.5bn on fixed-asset investment, the business generated trailing free cash flow of −155.1bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at −4.9%, other profit at +8.3% of PBT.
- Non-core / PBT
- 8.3% low
- Net financial / PBT
- −4.9%
- Other profit / PBT
- 8.3%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 21.4 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 11.59%, rising 4.2pp. That translates to 11.59 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.9pp, with capital turnover fell 0.23x; while invested capital expanded strongly by 72bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.1 days versus the same period last year. The main moves came from DIO rose 1.4 days, DSO fell 5.6 days, and DPO fell 2.1 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +1.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 4.3% to 12.1% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 155.1bn due to capex of 238.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.19x and interest coverage at 8.32x.
At present, short-term debt accounts for 15.4% of total debt, cash equals 55.3% of debt, and total debt stands at 152.0bn.
- Net Debt / Equity
- 0.19x +0.50x
- Interest Coverage
- 8.32x +1.69x
- Cash / Debt
- 55.3% −349.8pp
- Short-term Debt / Total Debt
- 15.4% −39.8pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.60x equity, net debt at 0.19x equity.
Inventory ended the period at 65.8bn, roughly 12.5% of total assets.
Over the last 12 months, working capital absorbed 10.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. The residual risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.95% after expanding 3.1pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 155.1bn.
What to verify next
Questions for the next period
Whether revenue sustains its +18,0% YoY pace or begins to slow.
Whether margins hold around the current 4.95% level or narrow again.
Whether operating cash flow holds its 89.6bn (cumulative for 2025) level in upcoming periods or weakens.
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